Preserving Equal Access to Mortgage Finance Programs Act

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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R MillerSponsor

33 cosponsors · 29 D, 4 R

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Preserving Equal Access to Mortgage Finance Programs Act - Amends the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to increase limitations on the maximum original principal obligation of mortgages that may purchased by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan…

What it does: CRS summary · Introduced in House · May 5, 2011

Increases such limitations in areas where 125% (currently, 115%) of the median price of residences of a particular size exceed existing mortgage purchase limitations for such residence size.

Gives the Director of the Federal Housing Finance Agency (FHFA) discretion to prevent or limit a decrease in the limitation on the maximum original principal obligation of a mortgage that may be purchased by the corporation for an area.

Amends the National Housing Act to raise limitations on the maximum principal obligation of mortgages that may be insured by the Secretary of Housing and Urban Development (HUD).

Gives the Secretary discretion to prevent or limit a decrease in the maximum dollar amount limitation for any area from taking place for any such area.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Preserving Equal Access to Mortgage Finance Programs Act

Latest action (Jun 2, 2011): Referred to the Subcommittee on Insurance, Housing and Community Opportunity.

Policy area: Housing and Community Development · Origin: House · Introduced: May 5, 2011

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.